Fed Minutes Released, Continuing an Ascending Triangle Pattern in Gold

May 23, 2018 - 6:15pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action

This morning we issued a Trade Alert to BUY June gold

Maintain long gold @ $1289. Maintain Stop @ $1284

Gold Market Forecast

The last four trading days, before yesterday have resulted in new lower lows, we have also identified Five doji candles including yesterday's Hammer. The multiple dojis indicates a point when neither the bulls or bears have absolute control over pricing. It can be found as a rest before prominent trend direction continues, or a reversal when found within larger patterns such as a three river morning star. Today we got the upside bounce we were waiting for. The report today will look at a major patter: the Asending Triangle.

Sentiment Indicator:
Gold -> Bullish
Silver -> Bearish
S&P 500 -> Neutral
Bitcoin -> Bearish